Originally part of the Denver and Rio Grande Western Railroad's narrow-gauge network, the line has been jointly owned by the states of Colorado and New Mexico since 1970.

In September 1968, the Denver and Rio Grande Western Railroad filed for abandonment of its narrow gauge lines.

[7] On June 23, 2010, an unknown fire severely damaged Lobato Trestle, a deck girder bridge located approximately four miles (6.4 km) east of Chama.

[10] In 1973, the Cumbres and Toltec Scenic Railroad was listed on the National Register of Historic Places and its boundaries were increased in 2007.

From there, passengers have the option to continue to the other side of the railroad, or they can switch trains and return to their point of origin.

Once the westbound train arrives at Cumbres Pass, passengers have the option to board motorcoaches to return to Antonito, or they can save an hour and continue into Chama.

[13] On certain days during the holiday season, the railroad offers special "Santa Trains" from both Chama and Antonito, and guests are encouraged to bring gifts and/or food for the less fortunate.

[14] After the C&TSRR was formed in 1971, a bi-state agency, the Cumbres and Toltec Scenic Railroad Commission was created.

Next on the journey to the top at Cumbres, the train passes Cresco Siding and water tank (MP 335.5).

This is less than a quarter of a mile from Cumbres Pass, the highest point on the line At Cumbres (MP 330.60), elevation 10,015 ft (3,053 m), is the Car Inspector's House, Water Standpipe, remnants of the extensive snow shed and the Section House, which replaced the original depot after it was demolished in the 1950s.

After taking on water and a short brake test, the train departs to the east and begins the downhill section.

The track continues a gentle descent on the average 1.45% grade to the north until it reaches Los Piños tank.

The track takes a gentle loop off to the west and comes back to the east at the station of Los Piños (MP: 324.8).

The train then stops at Osier, Colorado (MP: 318.40), where passengers are served lunch in a modern, wooden indoor facility.

Most of the facilities were built by the C&TSRR, since the original rail yard, wye, and station were not sold to the states of Colorado and New Mexico.

Shortly after leaving the station, the train heads straight for three miles (4.8 km) until coming into some hills.

Shortly thereafter, the train crosses Ferguson's Trestle (MP 285.87), named for a man who was hanged from a locomotive there.

The original trestle was featured in the 1988 television movie Where the Hell's That Gold?, starring Willie Nelson and Delta Burke.

About three miles (four point eight kilometres) later, the train makes the first of 11 crossings into New Mexico and climbs a ledge up to a lava mesa.

The track goes around a horseshoe curve that is also used as a reversing loop to turn the rotary snow plow trains from Chama.

Past Big Horn, the train loops around the sides of mountains, going through horseshoe curves before reaching the first water stop at Sublette.

Following Sublette is Toltec Siding, which in the 1950s was the meeting place for oil well pipe trains moving between Chama and Farmington to Alamosa.

Shortly afterwards, trains pass through Mud Tunnel, which is unique because it is lined with wooden pillars due to being bored through soft volcanic ash.

Both locomotives are stored and serviced at the C&TSRR through agreements with their respective owners and used on special excursions, hence their inclusion on this roster.

Locomotive 497 was later taken out of service indefinitely in October 2002 and currently sits in storage in the Chama roundhouse awaiting an overhaul.

On February 16, 2022, the railroad announced that K-37 locomotives 492 and 497 will both be evaluated to see which one is in better shape to be restored back to operating condition.

The C&TSRR owns two class DE General Electric 47-ton center-cab diesel locomotives built in 1943, Nos.

15 was previously leased by the Georgetown Loop Railroad in the early 1990s and eventually purchased in 2013 where it is currently stationed in Chama.

[19] The C&TSRR also operates observation gondolas as well as special coaches configured to accommodate wheelchairs and house concession areas.

[24] A typical C&TSRR train includes:[25] The Cumbres and Toltec Scenic Railroad also owns a varied collection of former D&RGW narrow-gauge freight cars for display and use in nostalgic railtours.